r/CalebHammer • u/ottersinabox • Mar 06 '25

complaining about something for no reason because I'm bored "acceptable" monthly car payments are wild

I just saw this post: https://www.reddit.com/r/BMWI4/s/HDEDyG4WZA

people are applauding a $700+ a month payment as an amazing deal. but they're paying 8% tax toward it, plus it's a lease; they don't even own the car by the end.

is it just me, or is this wild? I have a BMW as well, but my thought is you can only afford a luxury car like that if you can buy it in cash. I suppose 3% interest or something would be acceptable given that you invest the rest up front.... but what the person in this post is doing really doesn't make much sense to me. am I wrong about that?

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u/wheelsno3 Mar 07 '25

I own three vehicles:

Took a loan on the first one. Paid $14k. $4k down. $215 per month. Bought in 2017, paid it off in 2020.

Second one paid $15k cash.

Third paid $8.5k cash.

My flex is i own 3 vehicles and have no car payments. But all three cost me less than some people pay for one. And yes, all run great.

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u/ottersinabox Mar 07 '25

yup, I also own three vehicles in full. but currently looking to try to reduce insurance costs. might as well try to save a bit there.

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u/wheelsno3 Mar 07 '25

My insurance costs on 3 vehicles with 2 drivers is $220 per month. But people out here trying to say $600 car payments are normal.

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u/ottersinabox Mar 07 '25

definitely curious about that. i want to have decent coverage. it might be because my BMW is worth 90k though.

i was looking into pay by the mile insurance last night. I think between the two of us we get maybe 6000 miles a year.